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Latraps plans to use the financing to finance current assets during the agricultural season and for a long-term investment in grain preprocessing centers, the company said in a statement to the press.

Latraps general director Edgars Ruza said that Latraps plans to develop its activities in order to increase added value in the agricultural sector. "We are investing in grain preprocessing and storage, assessing and developing opportunities to increase profitability," said Ruza.

"Agriculture and food production is one of DNB Banka's priority sectors in the Baltics, we have collected huge experience in work with larger and smaller customers in the sector," said DNB Banka's vice-president and board member Lauris Macijevskis.

Established in 2000, Latraps in Latvia's largest cooperative of grain and rapeseed growers. The cooperative exports its products to European, Asian and African countries.